Posts Tagged ‘growth’

A PROPERTY MANAGER MUST CONSTANTLY LOOKOUT for various obvious factors that may affect a rental property, particularly those that may lead to menacing or disastrous events, such as fire hazards and regulations that affect those situations.

In the realm of residential and multi-family properties there are a number of worrisome situations that can be nightmarish ― but a structure succumbing to flames can be one of the more frightening. Beyond losing a home, which is certainly bad enough, a resident frequently must deal with the loss of irreplaceable family pictures and sentimental personal items. Worse, for the resident and manager alike, are the injuries and lives lost in house fires. The collective result can be significant tolls on all those affected.

What is being done? Since a property manager physically is unable to monitor fire safety in each dwelling at all times, management’s plan to lessen damage and injury usually involves other doable measures that are in addition to upgrades, repairs, maintenance and regulation compliance. Such actions typically include but are not limited to improved fire-retardant construction techniques where and when possible, clearly marked alternative escape routes, functional fire/ smoke detectors, operational fire extinguishers and heightened resident awareness.

To be sure, those said procedures are often mandated in various jurisdictions. Over the years they have become more well-known and as a practical matter they should be in use (contact your local fire department for tips and advice about fire safety and applicable laws). Such strategies appear to have led to a 21% reduction in the number of house fire related deaths. But in regard to residence fires, and perhaps less well known, is a soon to be effective newly enacted amendment to existing New York State law of which we became aware several weeks ago.

In essence the amended law seeks to require a more informed renter decision about a leased premises he/ she intends to occupy. After its effective date residential leases need to contain a bold-faced notice advising potential renters whether the premises being considered has or does not have a “maintained and operative sprinkler system” as such a fire sprinkler system is defined in section 155-a of New York State executive law. Reportedly the amendment will be known as section 231-a of the New York State real property law and is expected to become effective on or about December 3, 2014.

The bottom line: If your residential rental property lies within New York State you should contact your attorney to learn how the amended law may apply to you and, if it does, inquire how your leases may need to be revised.

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Need consulting, coaching or problem troubleshooting regarding this or other single-family or multi-family housing issues? We’ll be pleased to help you. Visit us at the Inhouse Corporation website or contact us at inhouseco@aol.com

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Blog Terms of Use and Disclaimer: The purpose of this blog is to promote awareness and general discussion of the presented topic. Use of this blog shall be the reader’s agreement this blog is not a substitute for the advice of a qualified professional and each action that may be taken shall be under the specific guidance and oversight and/or performance of a professional qualified in the subject matter. If you have a question or want assistance with a featured or related matter please contact us at InhouseCo@aol.com (include the blog article title on the subject line). Links, references and credits in this blog are for convenience only and are not endorsements by the author or Inhouse Corporation. Statements and/or opinions of guest authors may or may not reflect those of Inhouse Corporation.

DESPITE THE EFFORTS OF VARIOUS ARMS OF GOVERNMENT as well as an assortment of nonprofit and other groups to enlighten the public about affordable housing (also known as worker class housing, among other terms), some folks think they know what it is. But a municipal meeting we attended shows too many still don’t truly understand it or recognize the importance of its role. Mention it in an open forum, as happened at that meeting, and you may be confronted with mutterings of stereotypical misperceptions that affordable housing is just another name for absentee landlords, rundown tenements and slums.

Naturally, undesirable outcomes are possible. Yet they are possible in virtually any developed district. Should economic reversals, infrastructure deterioration and/or other troublesome conditions arise they are apt to detrimentally transform the value and character of any affected area … be it a commercial or industrial zone, worker class housing or an upscale neighborhood.

For this reason jumping to a conclusion that affordable housing is synonymous with rundown residences would be neither an accurate nor complete picture since many of those projects are attractive and properly maintained. Moreover, in some situations competent professional property management may be able to prevent or reverse the effects of harmful events when they are internal to the affordable facility, and it might be capable of slowing the effects of those that are external to the facility, such as the loss of major regional employers.

So if its not necessarily crumbling housing, what is affordable or worker class housing? While various groups and agencies may have differing spins on the definition, in general we see it as any type of legal and decent housing structure or dwelling that is an affordable option for a household earning no more than eighty percent (80%) of the median income for the area (often called “area median income” or “AMI”). Interestingly, as income disparities seem to widen, some entities appear to be giving more attention to housing opportunities for low income households earning no more than fifty percent (50%) AMI.

To be sure, our definition is likely no big surprise. But what may astonish many is the importance of affordable housing as an influential ingredient in the economic mix of a viable community. Not only does it provide housing opportunities to lower income workers, it also has been shown to encourage economic growth. Furthermore, the possibilities of affordable home purchases aid in the increase of the overall home ownership rate, which can, in turn, provide noteworthy benefits for the community, an often overlooked element in the discourse on home ownership.

The bottom line is affordable housing opportunities, particularly affordable home ownership, help produce stable communities; a belief we have consistently held for properly operated and maintained affordable home projects. And from our viewpoint, that is a big deal.

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Need consulting, coaching or problem troubleshooting regarding this or other single-family or multi-family housing issues? We’ll be pleased to help you. Visit us at the Inhouse Corporation website or contact us at inhouseco@aol.com

***************************

Blog Terms of Use and Disclaimer: The purpose of this blog is to promote awareness and general discussion of the presented topic. Use of this blog shall be the reader’s agreement this blog is not a substitute for the advice of a qualified professional and each action that may be taken shall be under the specific guidance and oversight and/or performance of a professional qualified in the subject matter. If you have a question or want assistance with a featured or related matter please contact us at InhouseCo@aol.com (include the blog article title on the subject line). Links, references and credits in this blog are for convenience only and are not endorsements by the author or Inhouse Corporation. Statements and/or opinions of guest authors may or may not reflect those of Inhouse Corporation.